New York’s “Housing Stability and Tenant Protection Act” has significantly reshaped landlord-tenant laws, sparking a lively debate within the real estate community. This landmark legislation introduces sweeping changes, enhancing tenant protections and altering landlords’ obligations. Please click here to watch the video on eviction.
Crucial Updates in Landlord-Tenant Dynamics
Mandatory Rent Receipts and Late Payment Alerts: Landlords must now proactively issue rent receipts for every payment and alert tenants in writing if their rent payment is over five days late. This shift aims to streamline rent tracking and ensure tenants receive timely notifications. Click Here for Frequently Asked Questions About Process Servers!
Revamped Eviction Notices: The law has extended the notice period for evictions to 14 days from the previous three, offering tenants additional time to respond to eviction proceedings.
Capped Application and Late Fees: The act caps application fees at USD 20 or the actual cost of background checks, whichever is lower. It also limits late fees to USD 50, preventing landlords from imposing excessive penalties for late rent payments.
Landlords’ Duty to Mitigate: In a groundbreaking move, landlords must now attempt to re-let units vacated before lease expiration, actively seeking new tenants to minimize financial losses for departing tenants.
Security Deposit Restrictions: The act caps security deposits at one month’s rent and mandates landlords return these deposits with a detailed deductions statement within 14 days after the tenant leaves the property.
Court Procedure Changes Ensuring Fair Play
The law extends the adjournment period for eviction cases to 60 days, granting tenants more time to arrange their defense or secure legal representation. Click here for information on How Rush Process Service Can Expedite Your Case.
Adjustments in Legal Fees and Rent Regulation
In a notable shift, landlords can no longer claim attorney fees in eviction proceedings, leveling the playing field. Conversely, tenants can claim legal fees in rent overcharge disputes, reinforcing the act’s commitment to equitable treatment.
Rent Control Reforms for Enhanced Tenant Security
The act introduces stringent rent increase caps and extends the period for rent overcharge claims to six years, safeguarding tenants from unjust overcharges. It also abolishes previous deregulation measures, ensuring continuous rent regulation and eliminating income-based discrimination.
In summary, the “Housing Stability and Tenant Protection Act” significantly amends New York’s real estate laws, prioritizing tenant protections while introducing new requirements for landlords. As these changes unfold, their long-term effects on the real estate landscape remain a focal point of discussion.
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